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Mortgage
This morning I was reading an interesting Bloomberg article on the lack of savings being accumulated by a large percentage of the population, including those earning between $100-$150K per year. Astonishingly in the survey, close to 50% of those have less than $1,000 in savings, and about 18% have absolutely nothing. Even those who earn...
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    “Many that are fallen shall be redeemed, and many shall fall that are now in honor.” Horace 20 B.C. During the late 1990’s, tech stocks reached valuations that nobody could explain. While most people saw the dynamically changing marketplace and felt the extraordinary impact of the internet, traditional valuation metrics such as P/E...
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These last few weeks have been marred by extremely significant volatility as we prepare for the Brexit vote on June 23rd. While most of the impact of any Brexit wouldn’t likely be felt for several years at the minimum, the uncertainty that more countries would leave the Eurozone could mean more volatility for the market...
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Below is a great article about the changing dynamics in the mortgage industry where smaller companies are stealing market share from the big banks’.  The biggest reason for this are the new capital rules and regulations that effect the largest financial institutions.  They make it unattractive to originate loans and slowdown the process.  Retained or...
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I came across a prescient article discussing the dangers of mortgage REIT’s, particularly as interest rates begin climbing.  These companies’ use huge amounts of leverage to buy mortgage backed securities, and because they pay out the vast majority of net income as a dividend to shareholders’, the companies’ benefit from better tax treatment on the...
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Finally some snail steps towards progress on defining what a “qualified mortgage” is.  There is very little mortgage origination going on, which people don’t fully comprehend because it is overshadowed by the enormous amount of refinancing.  It is essential that there are clear and strong regulations on mortgages but it is really important for these...
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In a perfect example of the incompetent blasting the incompetent Moody’s is criticizing S&P, Fitch, DBRS Ltd. and Kroll for their ratings in a CMBS transaction.  Moody’s and S&P have absolutely horrendous ratings records stemming from the Financial Crisis, where for greed of fees they consistently rated securities AAA that ended up being pure junk....
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Toll Brothers (TOL) reported improving earnings today thanks largely to fewer write-downs, and increasing deliveries.  The fact that both signed contracts and prices both went up for Toll brothers speaks quite well for the emerging strength in the housing sector.  I am not particularly interested in the homebuilder stocks due to their optimistic valuations, particularly...
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Ron Peltier is leading Berkshire Hathaway Inc. (BRK/A)’s real-estate brokerage believes that the recent $25 billion settlement between the big banks and state and federal authorities is likely to lead to a large increase in home sales.  Inventory is down and part of the reason why is that the turmoil over servicing has forced the...
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Radical changes in the regulatory landscape in addition to enormously expensive costs pertaining to dealing with problem mortgages, have elevated banks’ cost structures over the last several years.  Revenues have been flat due to lackluster economic growth particularly in the banks’ bread and butter areas of real estate and commercial lending.  To confront these issues...
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    7242 East Cortez Rd
    Scottsdale, AZ 85260
    Phone: 805-886-8140
    Fax : 949-335-9784

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